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UNIVERSITY OF THE CORDILLERAS

COLLEGE OF LAW
GOV. PACK ROAD, BAGUIO CITY
PHILIPPINES

SPECIAL COMMERCIAL LAWS


SALIENT POINTS
OF THE
PHILIPPINE DEPOSIT INSURANCE CORPORATION

BY:

BALONG ANGAY, JAKE


CHAGUILE, BRIX PAUL B.
GAYO, RAYMOND RUTHER
4-A

SUBMITTED TO:

ATTY. AURELIO TATANG A. GALACGAC, LLM.


PROFESSOR
1. What is the Philippine Deposit Insurance Corporation?

The Philippine Deposit Insurance Corporation, to be referred


herein as PDIC, is a government owned and controlled corporation
created by law which shall insure the deposits of all banks which are
entitled to the benefits of insurance.

2. What is the role of the PDIC?

The role of the PDIC is promote and safeguard the interest of


the depositing public by way of providing permanent and continuing
coverage on all insured deposits and to protect depositors
from situations that prevent banks from paying out deposits, as in
bank failures or closures, and to encourage people to deposit in
banks.

Further, in the case of PDIC v. Phil. Countryside Rural Bank, Inc.,


G.R. No. 176438, Jan. 24, 2011, the Supreme Court simplified the
primary functions of the PDIC, and that is: to act as (1)deposit
insurer, (2)co regulator of banks, and (3) receiver and liquidator of
closed banks.

3. How much is the deposit liability of the PDIC at present?

Under Republic Act No. 3591, as amended, the deposit liability


of the PDIC at present is at the maximum of Five Hundred Thousand
Pesos (P 500,000.00) for each depositor.

4. When can the PDIC be appointed as receiver of a bank?

In addition to the insurance function of the PDIC, the PDIC is


also the designated statutory receiver of banks. The only person or
entity who may be designated as a receiver of a bank under the
General Banking Law is the PDIC.

Under Sections 10 of R.A. 3591, it provides that:

SEC. 10. (a) The provisions of other laws,


general or special, to the contrary
notwithstanding, whenever it shall be
appropriate for the Monetary Board of the
Bangko Sentral ng Pilipinas to appoint a
receiver of any banking institution pursuant to
existing laws, the Monetary Board shall give
prior notice and appoint the Corporation
(PDIC) as receiver.

xxxxx
5. What is the nature of bank coverage of the PDIC?

Under Section 5 of RA 9351 as amended, the PDIC covers all the


deposit liabilities of any bank or banking institutions which is
engaged in the business of receiving deposits or those which may
thereafter engage in the business of receiving deposits.

However, any obligation of a bank which is payable at the office


of the bank located outside of the Philippines shall not be a deposit or
included as part of the total deposits or of insured deposit, hence, not
covered by the insurance of the PDIC.

6. How can the amount due to any depositor be


determined?

Under Section 4 of RA 9351 as amended, it is the legitimate


deposits of a bona fide depositor as of date of closure that will
determine the amount due.

Furthermore, in determining the amount due to any depositor,


there shall be added together all deposits in the bank maintained in
the same right and capacity for his benefit in his own name or in the
name of others.

Furthermore, in determining the amount due in a joint account,


a joint account shall be insured separately from any individually
owned deposit account: Provided that:

(1) If the account is held jointly by two or more natural


persons, or by two or more juridical persons or entities,
the maximum insured deposit shall be divided into as
many equal shares as there are individuals, juridical
persons or entities, unless there is a stipulation otherwise
provided for in the document of deposit;

(2) If the account is held by a juridical person or entity jointly


with one or more natural persons, the maximum insured
deposit belongs entirely to such juridical person or entity.

In case of co ownership over several joint accounts, the


aggregate amount of each co owner, whether owned by the same or
different combinations of individuals, juridical person or entities, it
will still be subjected to the maximum insured deposit of Five
Hundred Thousand Pesos.

However, in case of a condition that threatens the monetary and


financial stability of the banking system that may have systematic
consequences as determined by the Monetary Board, the maximum
deposit insurance cover may be adjusted.

7. What is the mode of payment by the PDIC for insured


deposits?

Under Section 14 of RA 3591 as amended, whenever an insured


bank shall have been closed by the Monetary Board, payment of the
insured deposits on such closed bank shall be made by the
Corporation (PDIC) as soon as possible either (1) By Cash or (2) By
making available to each depositor a transferred deposit in another
insured bank in an amount equal to insured deposit of such
depositor.

However, the PDIC, in its discretion, may require proof of


claims to be filed before paying the insured deposits and if the PDIC
is not satisfied as to the viability of the claim for an insured deposit,
it may require judicial proceeding before paying such claim.

The directors, officers or employees of the PDIC who are


responsible for failure to settle the claim of any depositor by reason
of delay, and the failure was due to bad faith, malice, gross
negligence or grave abuse of discretion, may be held liable and shall
be imprisoned from 6 months to 1 year.

8. What is the period of settlement of claim by a depositor?

Under Section 16 of RA 3591, the period of settlement of claim


by a depositor is:

(1) Within 2 years from actual takeover of the closed bank by


the receiver; or

(2) In case a claim has been filed, the depositor must enforce
such claim within 2 years after the two year period to
file a claim.

If the claims are not settled within the required reglamentary


period, all rights of the depositor against the Corporation (PDIC) with
respect to the insured deposit shall be barred

9. Is the PDIC empowered to examine any bank?

Yes, the PDIC is empowered to examine and investigate banks.

In the case of PDIC v. Phil. Countryside Rural Bank, Inc., G.R.


No. 176438, Jan. 24, 2011, it was held that:
Examination involves an evaluation of the current
status of a bank and determines its compliance with the
set standards regarding solvency, liquidity, asset
valuation, operations, systems, management, and
compliance with banking laws, rules and regulations.
However, an examination of banks requires the prior
consent of the Monetary Board because such a process
involves an intrusion into a banks records.

10. When does Splitting of Deposits occur?

Under the law, splitting of deposits occur whenever a deposit


account with an outstanding balance of more than the statutory
maximum amount of insured deposit maintained under the name of
natural or juridical persons is broken down and transferred
into two (2) or more accounts in the name/s of natural or
juridical persons or entities who have no beneficial
ownership on transferred deposits in their names within
one hundred twenty (120) days immediately preceding or
during a bank-declared bank holiday, or immediately
preceding a closure order issued by the Monetary Board of the
Bangko Sentral ng Pilipinas for the purpose of availing of the
maximum deposit insurance coverage.

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